PCCW launches IPO

16 Nov 2011

Quadruple-play operator PCCW has today launched a Hong Kong initial public offering (IPO) of shares in its core telecoms business holding, HKT Limited, to be spun off and listed as a business trust under the name HKT Trust, trading in which begins on 29 November. Local newspaper The Standard reports that if priced at the high end at HKD5.38 (USD0.69) per ‘share stapled unit’ in the trust, a board lot (the number of shares defined by the stock exchange as a trading unit) would cost HKD5,434, while the listing is aimed at raising between HKD9.3 billion and HKD11 billion. 207.8 million units will be reserved for some 24,000 existing PCCW shareholders, while the complete public offer will include 2.1 billion units – 1.85 billion units offered internationally and 205 million in a Hong Kong-only offer.

Hong Kong, HKT (incl. CSL), PCCW Group